Airlines have a strong safety record compared to most other industries. They achieve this high level of efficiency and safety by following a very methodical approach, always asking the right questions at the right time.
By using a checklist consisting of a series of questions, pilots ensure that critical elements of success are in place. Leaders in any industry can take their cue from this success story by using key questions to guide their decisions.
Start this process by creating a checklist of your own self-guiding questions to ensure that you make an informed and strategic decision. This type of checklist is particularly helpful when you are considering a proposed deal, project, or investment.
Here are some questions that I use when faced with a business proposal:
How do we know or will we know that this is a good deal?
What are the metrics of success for this particular deal/project?
What assumptions are being used?
What assumptions are being ignored?
How have we tested our assumptions?
In what areas are we at the most risk of failure?
How might new technology or other innovations change this decision?
How does this opportunity fit or not fit with our broader strategy?
What is the underlying problem that this opportunity solves?
What is the likelihood that this opportunity will succeed?
What other data are needed before we can make a decision?
What historical data or evidence do we have to inform this decision?
Who may be negatively impacted by this decision?
What other options were considered?
What is the contingency plan?
Are there areas where the required funds could be better invested?
What additional resources are needed?
How will the competition react?
Is the proposed timeframe reasonable?
What must happen first in order for this to be a success?
What will the effect be if we do not pursue this opportunity?
Who will benefit from this decision?
What are the political implications?
Who needs to know about this decision?
Does the decision need to be made now?
Am I prepared to make the decision now?
Taking the time to conscientiously answer your checklist of questions will help ensure your future success. Trust me, using a decision checklist will pay off in the long run!